S.L. 376.4 Art. 3Funds held under control constitute distinct patrimony.

(1) A financial institution in receipt of funds from a payment a service user, or through another payment service provider for the execution of payment transactions, or from an electronic money holder in exchange for electronic money that has been issued, shall hold such funds solely for and on behalf of and in the interest of that payment service user or electronic money holder.

(2) Notwithstanding the provisions of article 1894 of the Civil Code or any other law, or the agreement entered into between the financial institution and the payment service user or electronic money holder, or the fact that the payment service user’s funds or electronic money holder’s funds held by the financial institution are registered in the name and title of or are otherwise vested in the financial institution, such funds shall be deemed to constitute a distinct patrimony, separate from that belonging to the financial institution.

(3) Notwithstanding the provisions of any other law, and except as expressly provided in the agreement entered into between the financial institution and the payment service user or electronic money holder, the control of funds belonging to a payment services user or electronic money holder by a financial institution shall not give or be deemed or construed to give to the financial institution any rights over such funds; nor shall it create any form of loan or any other similar credit facility between the financial institution and the payment service user or electronic money holder notwithstanding the nature of the funds or the rights or obligations of the financial institution in relation thereto.